The invisible hand theorem relates nothing about the attributes of the optimal allocation vector. In this paper, we identify a convex cone of functions such that order on vectors of exogenous heterogeneity parameters induces component-wise order on allocation vectors for firms in an efficient...

This paper examines optimal policy when agents, private investors and a government, can learn about the economy by observing others. Investors can delay investment in order to exploit future information. Importantly, investors ignore the informational value of their actions to others when...

This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product market rivalries that emerges endogenously out of the characteristics of the products and services they supply. My model embeds a novel, highly tractable and scalable demand system...

This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product market rivalries that emerges endogenously out of the characteristics of the products and services they supply. My model embeds a novel, highly tractable and scalable demand system...

This paper develops a theory of oligopoly and markups in general equilibrium. Firms compete in a network of product market rivalries that emerges endogenously out of the characteristics of the products and services they supply. My model embeds a novel, highly tractable and scalable demand system...

Where do competition, antitrust and private equity intersect? Once antitrust’s favored child compared to strategic buyers, private equity seems to have fallen from competition enforcers’ grace. Interestingly, this is part of a broader trend: financial investors in general, from BlackRock to...

This paper adopts a pedagogical approach inspired in the problem-based learning method to show how instructors can use Cournot games for introducing producer theory and market structure in intermediate microeconomics courses. A decision problem is presented to students, who are asked to imagine...

Owned by nobody and controlled by an almost immutable protocol the Bitcoin payment system is a platform with two main constituencies: users and profit seeking miners who maintain the system's infrastructure. The paper seeks to understand the economics of the system: How does the system raise...

We provide a survey of the main mechanisms of market selection used in economics. We gather them in three theoretical paradigms (rational equilibrium, Simonesque and evolutionary), that we try to reconcile in terms of underlying laws of selection. We show that the three paradigms have been...

The Paper gives a brief overview over the social economy in Ireland, presenting this against the background of the countries history and social structure